NEW YORK ( TheStreet) -- A combination of takeover speculation and short covering is once again lifting shares in Onyx Pharmaceuticals (ONXX), recently by 2%, Tuesday. On Monday, Onyx shareholders enjoyed the largest one-day increase in shares after soaring over $40 (50%) above Friday's close.Amgen's (AMGN) unsolicited $10 billion ($120 per share) proposal to acquire Onyx was rejected before the opening on Monday. It didn't take long for Onyx CEO Anthony Coles and the board to take a pass on Amgen's offer.
Onyx: Don't Hold Your Breath for $180/Share
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